10/13/2009

Black Swan Theory



http://en.wikipedia.org/wiki/Black_swan_theory
http://en.wikipedia.org/wiki/Black_swan_theory

The theory was described by Nassim Nicholas Taleb in his 2007 book The Black Swan. Taleb regards almost all major scientific discoveries, historical events, and artistic accomplishments as "black swans"—undirected and unpredicted. He gives the rise of the Internet, the personal computer, World War I, and the September 11, 2001 attacks as examples of Black Swan events.

The term Black Swan comes from the 17th century European assumption that 'All swans are white'. In that context, a black swan was a symbol for something that was impossible or could not exist. In the 18th Century, the discovery of black swans in Western Australia metamorphosed the term to connote that a perceived impossibility may actually come to pass. Taleb notes that John Stuart Mill first used the Black Swan narrative to discuss falsification.